Espn had a article discussing the owners' offer:
But sources told Broussard that Stern, Silver and San Antonio Spurs owner Peter Holt, in a small-group meeting with Kobe Bryant, Kevin Garnett, Derek Fisher and union lawyer Jeffrey Kessler -- really offered the players 49 percent of BRI, with the understanding that it would actually become 51 percent based on incentives related to the projected growth of the league.
The players countered by asking for 51 percent, which would increase to 53 percent based on those same incentives. The owners rejected that.
After making concessions on basketball revenue, the players entered the last several negotiating sessions looking for the owners to do the same.
Stern said the owners had removed their demand for a hard salary cap, were no longer insisting on salary rollbacks on current salaries, and would have given players the right to opt out of a 10-year agreement after seven years. But the money split was always going to be the biggest hurdle in these negotiations, with owners insistent on the ability to turn a profit after the league said 22 of its 30 teams lost money last season.
The owners indeed wanted to make a deal to save the start of the season, none more than New York Knicks owner James Dolan, sources told Broussard.
Stern said the league is about to take a $200 million hit from missing the preseason. "There's an extraordinary hit coming to the owners and the players," he warned.
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I always said a settlement around 52% would be fair. Dolan wanted to make a deal because it is obvious the Knicks are raking in millions even under the old system. It is easy to compromise when you are just cutting up profit (i.e. the NFL), as opposed to talking about losses. I support the players on this. NBA said it lost $300 million, so the players gave them back $200 million and told them to make up the other $100 million in revenue sharing, which is done in the NFL and MLB. The big market teams said no to significant revenue-sharing, so now the owners are trying to squeeze the last $100 million out of the players.